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The recession "officially" ended in the third quarter with 3.5% GDP growth. Time to start celebrating, right? Not so fast.
Analyst and editor of Shadow Government Statistics, John Williams, wrote: "The estimate of 3.5% annualized real growth for third-quarter GDP included a 1.7% gain from auto sales, a 0.6% gain from new residential construction, and a 0.9% gain from a largely involuntary inventory buildup, which appears to be understated. ... In aggregate, those one-time stimulus or inventory items represented 92% of the reported quarterly growth."
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